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Colcom Holdings yesterday said it might soon delist from the Zimbabwe Stock Exchange (ZSE) after its major shareholder, Innscor Africa announced plans to acquire all shares in the pork foods producer.
Founded in 1944, Colcom has been listed on the local bourse for 24 years and becomes the second listed firm to announce intentions to delist in as many months after Meikles Limited.
Company secretary, Andrew Lorimer said Innscor had offered an exchange of Colcom shares for Innscor shares to the minority shareholders.
Innscor holds a 79 percent stake in the pork foods producer.
“Shareholders are advised that the Colcom Holdings Board of Directors has received notification from its major shareholder, Innscor Africa Limited of its intention to extend an offer to minority shareholders for the purchase of their Colcom shares in exchange for Innscor shares,” Lorimer said in a cautionary to shareholders. “It is also the intention of the company to apply to the Zimbabwe Stock Exchange for a voluntary delisting in terms of Section 1 of the Zimbabwe Stock Exchange Listing Requirements.”
Innscor is a conglomerate and besides its majority shareholding in Colcom also owns fast foods group, Simbisa Brands and Axia Corporation among others. — New Ziana.
Online Reporter